Dubai real estate sets all-time record in 2024
Dubai’s real estate market has had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time...
Indian workers replace Palestinians in Israel’s construction sector amid post-war labour void
Indians, long employed in Israel as caregivers, diamond traders, and IT professionals, are now increasingly recruited for the construction sector...
Economy
Economy
UAE tops list of foreign direct investors in Egypt: Egyptian PM
The UAE president Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of Egypt have met recently...
- The UAE president Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of Egypt have met recently on several occasions
- Egypt eyes the effective participation of UAE investors under the umbrella of the State Ownership Policy Document, Egyptian PM Madbouly said
Business
UAE-Kazakhstan trade reached $907 million in 2021: Ambassador Menelikov
The Kazakhstan ambassador valued the UAE leadership's interest in strengthening relations between the two countries, pointing out that the 1st...
- Emirati investments in Kazakhstan amounted to about $2.7 billion since the establishment of diplomatic relations.
- Value of Kazakh investments was more than $1 billion, and total direct investment flows from the UAE increased 43 percent.
Economy
Saudi PIF to establish five companies for investments in five Arab countries
The five companies, together with Saudi Egyptian Investment Company (SEIC), a wholly-owned PIF subsidiary that was launched in August 2022,...
- The announcement was made on the second day of the 6th Edition of the Future Investment Initiative, where top CEOs, investors and world leaders are participating.
- The companies will invest in various key sectors, including but not limited to, infrastructure, real estate development, mining, healthcare and financial services.
Geostrategy
Aramco chief at FII6: World needs realistic, optimal energy transition plan
"The current transition plan isn't working. We are still dependent on coal. We need to have a new consensus on...
- Lord Adair Turner, chair of the Energy Transitions Commission, said Europe was burning more coal this year as it is shot of gas, but transition towards renewables is ongoing.
- Saudi Finance Minister Mohammed Al Jadaan said there is more thinking about renewable energy and a realization that the transition to renewables is not going to take place soon.
Economy
Early preparations put GCC in better place to face tough economic conditions: Saudi finance minister
Saudi Arabia has prepared for years for the conditions that the world is witnessing, which enabled it to be in...
- Saudi Arabia has prepared for years for the conditions that the world is witnessing, which enabled it to be in a better status than many other countries, says Al-Jadaan in Riyadh
- Saudi Arabia is mobilizing the capabilities of multilateral development institutions to ensure support for regional countries, the Kingdom's Finance Minister added.
Economy
China fiscal deficit balloons to nearly $1trn as economy cools
According to an analysis based on data released by Beijing's Ministry of Finance on Tuesday, the budget shortfall for all...
- China is also battling an unprecedented crisis in its real estate sector, which makes up more than a quarter of the country's GDP when combined with construction
- Consumer demand has also been dampened by sudden lockdowns and strict travel restrictions under Beijing's strict zero-Covid policy
Economy
Israel’s cost of living crisis becomes election issue
Israel, with its turbulent politics, heads back to the polls next Tuesday, for the fifth general election in less than...
- Much of the world has endured rapid inflation since Russia's war in Ukraine started early this year, driving up energy and food prices everywhere
- But in Israel the problem has been acute for years, blamed in part on the strong shekel which makes imports more expensive
Economy
‘World Cup is crucial — both economically and culturally — and Qatar is ready to prove itself’
Qatar is currently more like a workshop of preparation and equipping, in which Qataris and residents have engaged. Brotherly and...
- Qatar's GDP during the first half of this year increased by 4.3%, supported by a 7.3% growth rate of the non-oil sector
- The hike in energy prices turned a projected budget deficit at the beginning of the year into a surplus of about QAR 47.3bn in H1
Business
Al Seer Marine buys large crude carriers
The firm's total VLCC fleet value is now $245 million.
- VLCC Acrux (previously Elandra Everest) is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October 2022.
- In addition to the three VLCCs, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at US$70 million.
Economy
‘UAE government revenues rose by 26% in 2021’
ABU DHABI, UAE - In the UAE the revenues at the federal level increased by 26 percent from US$100 billion...
- Social contributions in the UAE also rose from US$3.5 billion (AED12.9 billion) in 2020 to $3.6 billion (AED13.5 billion) in 2021.
- The value of other revenues increased by 24 percent from $55.4 billion in 2020 to $68.5 billion in 2021.
Dubai real estate sets all-time record in 2024
Dubai’s real estate market has had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time...
Company News
Latest News
China’s share of global manufacturing jobs to rise by 2050: study
The Asian giant's share of global manufacturing jobs will rise to 43 percent of the total by that year --...
Let’s transform statistical systems for the future
"The PSA should champion digital transformation in Qatar by equipping the national statistics system with comprehensive, accurate, and reliable data....
Economy
Saudi Fund for Development signs $100m loan pact to support the water sector in Argentina
Riyadh, Saudi Arabia - Saudi Fund for Development (SFD) on Sunday signed a $100 million loan agreement to support the...
Economy
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Economy
Bahrain’s SCE signs agreement with Foulath Holding Company
Manama, Bahrain--The Supreme Council for the Environment (SCE) signed a cooperation agreement with Foulath Holding Company to boost sustainable development...
- The signing of the agreement would pave way for planting and preserving mangrove trees in line with the sustainable development goals (SDGs)
- The SCE said the agreement falls within the framework of protecting the environment, and preserving and developing its living resources
Economy
Shekel’s decline raises economic concerns in Israel
Israeli officials show confidence in the economy's resilience amid Gaza conflict, but experts warn of challenges if tensions escalate with...
- Israeli officials show confidence in the economy's resilience amid Gaza conflict, but experts warn of challenges if tensions escalate with Hizbollah due to a declining currency.
- Economists doubt Israeli Finance Minister Bezalel Smotrich's aptness amid crisis, while Bank of Israel acts against the shekel's fall and S&P downgrades Israel's credit outlook.
Business
Arab Bank posts net profit
It posted a profit of $630 million in January-September 2023.
- The Group maintained its strong capital base with a total equity of $10.8 billion.
- Excluding the impact of devaluation of several currencies against the US dollar, loans grew by 4 percent.